Tony Petrello is No longer the Best Paid CEO

Several years ago, Tony Petrello was one of the most paid bosses in the United States. However, this is not the case anymore. Tony was ranked at $68.2 million in the recent reports. According to some finance experts, Petrello might not be able to defend his title this year, because his earnings have significantly reduced. The drop in his earnings is as a result of the angry shareholders.

Antony Petrello popularly known as Tony by most people is the president and chief executive officer of a company known as Nabors Industries. Tony Petrello is also the chairman of the successful organizations. Nabors Industries specializes in the oil business, although it doesn’t produce oil. The institution mostly serves as a contract driller and also an oil service company that has acquired many companies in the past.

Nabors Industries currently has over five hundred active rigs in more than twenty-five nations. The company is believed to be one of the biggest fleet owners of the land-based drilling rigs. These rigs are considered to be high in demand in the booming shale fracking industry on linkedin.com.

Tony Petrello is known to many as a Texas roughneck, but this is not the case. Tony got the position at Nabors in 1991. He was first elected to the board of directors just after he had left an organization known as Baker and McKenzie law firm. While working in this organization, Tony Petrello specializes in the corporate taxes. He acquired a lot of expertise in this organization, and this helped his predecessor, Eugene Isenberg in the company operations. Eugene decided to take the institution offshore in the year 2002, reincorporating it in Bermuda and Hamilton. This move was intended to cut the federal tax bill and leave the main offices of the organization in Houston.

This was a very controversial move for the team. The Bermuda corporate laws on Texas Childrens.org were going to gut the rights of the shareholders, and this made some of the investors to block the move. The lawsuit was, however, not successful because a federal judge in Houston prevented it.

While working in Nabors, Tony Petrello was fortunate to impress the board of directors. He successfully moved up the ladder, and in no time, he was able to replace Eugene Isenberg as the chief executive officer and president of the company. Tony got this position in October 2011, and since then, he has enabled the organization to earn more profits, increasing his salary. His dedication and hard work helped him get the title of chairman. After becoming the chairman of the organization, the share prices went up by over one hundred and eighty percent.

Source: http://www.bloomberg.com/research/stocks/private/person.asp?personId=290691&privcapId=290681

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